The 20-man roster was chosen by a panel of experts, including England manager Gareth Southgate.
Sterling, who won both the PFA Young Player of the Year and FWA Player of the Year awards after a fine season, scored five and assisted three in 10 Champions League matches this season, while De Bruyne assisted four goals in as many appearances.
Goalkeepers
Alisson Becker (Liverpool)
Marc-André ter Stegen (Barcelona)
Defenders
Virgil van Dijk (Liverpool)
Matthijs de Ligt (Ajax)
Jan Vertonghen (Tottenham)
Trent Alexander-Arnold (Liverpool)
Andy Robertson (Liverpool)
Midfielders
Moussa Sissoko (Tottenham)
Hakim Ziyech (Ajax)
Kevin De Bruyne (Manchester City)
Frenkie de Jong (Ajax)
Tanguy Ndombele (Lyon)
Georginio Wijnaldum (Liverpool)
David Neres (Ajax)
Raheem Sterling (Manchester City)
Forwards
Lionel Messi (Barcelona)
Dušan Tadić (Ajax)
Sadio Mané (Liverpool)
Cristiano Ronaldo (Juventus)
Lucas Moura (Tottenham)
UEFA Technical Observers in Madrid
Thomas Schaaf (Germany), Peter Rudbæk (Denmark), David Moyes (Scotland), Raúl González (Spain), Packie Bonner (Republic of Ireland), Michael O’Neill (Northern Ireland), Gareth Southgate (England), Roberto Martínez (Spain), Ginés Meléndez (Spain)